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Remittances Iraq: Baghdad recognize half of what it proclaimed by the Cairo
Source: CNN - 06.05.2011
Remittances Iraq: Baghdad recognize half of what it proclaimed by the Cairo
Acknowledged Ali al-Dabbagh, a spokesman for the Iraqi government, that his country had already agreed to pay the value of remittances belonging to the Egyptians disrupted remittances from Iraq to their country after the invasion of Kuwait in 1990, to confirm that the announcement by Cairo on near the solution file, is that the value of the amounts identified by no more than half announced by the Egyptians, and an "out" of receivables.
According to the official website of the tanner, it was announced that the Iraqi Council of Ministers decided to approve the establishment of the Ministry of Finance "to pay out benefits" determined by the Egyptians under the yellow and transfers of $ 408 million.
Dabbagh said that approval of the Ministry of Finance to pay out of its assessed dues to the Egyptians under the remittances yellow "comes the interest of the Iraqi government to pay such debt to the Egyptian labor, which had been suspended because of the embargo on Iraq at the time and work to pay the remaining dues in order to give credibility economic relations between Iraq and the countries of the world and the Arab countries in particular. "
Dabbagh pointed out that the recommendations approved by the Iraqi Council of Ministers is out of the settlement of amounts due under the orders yellow "in full without interest and not be tied to any other entitlements."
Dabbagh said that the Foreign Ministry had already requested to add the issue of debt owed to the Egyptian companies for contracts concluded with them through the oil for food program to the rest of the debt that the Government was settled with the Egyptian side and as a single package.
He added that the Iraqi Ministry of Finance indicated its view by proposing a commitment to the Iraqi side to pay the entire debt stock of the Egyptian labor or what is known as hawala yellow in cash, but with respect to indebtedness of the private sector has suggested that the creditors of the progress of their claims supported by documents and documents Bmdunithm to proxy accounting and Checksum external to the Ministry of Finance for the purpose of auditing, and then be settled in accordance with the Paris Club agreement.
Under the Paris Club agreement to pay 20 per cent of the total debt under the bond loan, repayable over the period 2020-2028, or paid in cash or the equivalent of 10.25 cents per dollar. The indebtedness of the Egyptian companies contracting through the oil for food program must view the topic to a committee of financial experts in the Office of Financial Supervision.
There was no immediate reaction to Egypt after the clarifications of Iraq on the value of the receivables, and, after there was optimism in Cairo on Thursday that the crisis nearly three quarters of a million Egyptian lost their savings in Iraq after she was unable to convert their money from it and found its way towards a solution, after the announcement of the Ministry of Manpower in Egypt that entitled to the amounts Senalloha before the holy month of Ramadan.
It was announced Ahmed Borai, Minister of Manpower and Immigration in Egypt, it will exchange remittances Iraq yellow,'s 736 thousand Egyptian, a total of $ 804 million., The equivalent of twice the amount Dabbagh said that his Government had agreed to pay.
Borai said that Essam Sharaf, Chairman of the Council of Ministers, signed during June in Baghdad a final agreement on transfers of Egyptians who worked in Iraq before 1990.
The Egyptian Al-Ahram newspaper quoted the official as saying that Borai technical meetings started on Wednesday the Ministry of Manpower and Immigration to develop a mechanism and to prepare eligible files, and study the procedures and rules of exchange.
According to the newspaper, the Nizar goodness of God, Iraq's ambassador in Cairo, said that Nuri al-Maliki, Prime Minister of Iraq, issued instructions to the competent authorities to promptly finalize the discharge of all transfers, explaining that the move "comes in the light of the eagerness of the Government of Iraq to return rights to their owners, especially in the light of current circumstances experienced by Egypt. "
Hundreds of thousands of Egyptian workers in Iraq, sending remittances to their families until 1990, according to the financial system of Iraq, which requires payment of funds in Iraq to the bank branches of government, such as Mesopotamia and the good, and gets wishing to transfer to the support yellow color of the amount that turned him.
The Iraqi banks then transfer the payment orders to banks in Egypt with the value of the underwriter, is that the economic embargo imposed on Iraq after its invasion of Kuwait froze those funds ever since.
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Source: CNN - 06.05.2011
Remittances Iraq: Baghdad recognize half of what it proclaimed by the Cairo
Acknowledged Ali al-Dabbagh, a spokesman for the Iraqi government, that his country had already agreed to pay the value of remittances belonging to the Egyptians disrupted remittances from Iraq to their country after the invasion of Kuwait in 1990, to confirm that the announcement by Cairo on near the solution file, is that the value of the amounts identified by no more than half announced by the Egyptians, and an "out" of receivables.
According to the official website of the tanner, it was announced that the Iraqi Council of Ministers decided to approve the establishment of the Ministry of Finance "to pay out benefits" determined by the Egyptians under the yellow and transfers of $ 408 million.
Dabbagh said that approval of the Ministry of Finance to pay out of its assessed dues to the Egyptians under the remittances yellow "comes the interest of the Iraqi government to pay such debt to the Egyptian labor, which had been suspended because of the embargo on Iraq at the time and work to pay the remaining dues in order to give credibility economic relations between Iraq and the countries of the world and the Arab countries in particular. "
Dabbagh pointed out that the recommendations approved by the Iraqi Council of Ministers is out of the settlement of amounts due under the orders yellow "in full without interest and not be tied to any other entitlements."
Dabbagh said that the Foreign Ministry had already requested to add the issue of debt owed to the Egyptian companies for contracts concluded with them through the oil for food program to the rest of the debt that the Government was settled with the Egyptian side and as a single package.
He added that the Iraqi Ministry of Finance indicated its view by proposing a commitment to the Iraqi side to pay the entire debt stock of the Egyptian labor or what is known as hawala yellow in cash, but with respect to indebtedness of the private sector has suggested that the creditors of the progress of their claims supported by documents and documents Bmdunithm to proxy accounting and Checksum external to the Ministry of Finance for the purpose of auditing, and then be settled in accordance with the Paris Club agreement.
Under the Paris Club agreement to pay 20 per cent of the total debt under the bond loan, repayable over the period 2020-2028, or paid in cash or the equivalent of 10.25 cents per dollar. The indebtedness of the Egyptian companies contracting through the oil for food program must view the topic to a committee of financial experts in the Office of Financial Supervision.
There was no immediate reaction to Egypt after the clarifications of Iraq on the value of the receivables, and, after there was optimism in Cairo on Thursday that the crisis nearly three quarters of a million Egyptian lost their savings in Iraq after she was unable to convert their money from it and found its way towards a solution, after the announcement of the Ministry of Manpower in Egypt that entitled to the amounts Senalloha before the holy month of Ramadan.
It was announced Ahmed Borai, Minister of Manpower and Immigration in Egypt, it will exchange remittances Iraq yellow,'s 736 thousand Egyptian, a total of $ 804 million., The equivalent of twice the amount Dabbagh said that his Government had agreed to pay.
Borai said that Essam Sharaf, Chairman of the Council of Ministers, signed during June in Baghdad a final agreement on transfers of Egyptians who worked in Iraq before 1990.
The Egyptian Al-Ahram newspaper quoted the official as saying that Borai technical meetings started on Wednesday the Ministry of Manpower and Immigration to develop a mechanism and to prepare eligible files, and study the procedures and rules of exchange.
According to the newspaper, the Nizar goodness of God, Iraq's ambassador in Cairo, said that Nuri al-Maliki, Prime Minister of Iraq, issued instructions to the competent authorities to promptly finalize the discharge of all transfers, explaining that the move "comes in the light of the eagerness of the Government of Iraq to return rights to their owners, especially in the light of current circumstances experienced by Egypt. "
Hundreds of thousands of Egyptian workers in Iraq, sending remittances to their families until 1990, according to the financial system of Iraq, which requires payment of funds in Iraq to the bank branches of government, such as Mesopotamia and the good, and gets wishing to transfer to the support yellow color of the amount that turned him.
The Iraqi banks then transfer the payment orders to banks in Egypt with the value of the underwriter, is that the economic embargo imposed on Iraq after its invasion of Kuwait froze those funds ever since.
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